📈 Ladder Backtester Ladder strategy vs. buy & hold

← All runs

AAPL · Apple Inc. #7

2023-05-30T00:00 → 2026-05-29T00:00 · fmp · 1d · lifo trailing · created 2026-05-31T16:11

Strategy return 62.60% $16,260
Buy & hold return 76.01% $17,601
Strategy − Buy&Hold -13.41 pp $-1,341
Trades 73 / 73 buys / sells
Start price (B)177.3000 Target (Z)none
Capital (A)10,000 First step (C)7,000
Steps (N)8 Threshold (X)2.0%

Annualized & capital-efficiency metrics (3.00 yr)

Strategy CAGR 17.60% whole pot, annualized
Buy & hold CAGR 20.75% all-in at t0, annualized
Money-weighted IRR 22.41% on capital while deployed
Avg capital deployed 79.1% rest sat idle in cash

CAGR grows the whole pot A, so idle ladder cash dilutes it. IRR counts only dollars actually in the market over time, so it runs higher — the gap is the cash drag, which Avg capital deployed measures directly. IRR only "counts" if that idle cash earns its opportunity cost elsewhere.

Strategy vs benchmarks — returns & drawdown

Series XIRR Max drawdown Downside capture
Ladder strategy 22.41% -29.09%
Buy & hold 20.75% -33.43% 96%

Max drawdown is the bad-market headline — how deep each fell from its high. Downside capture is the bear-market analog to alpha: of a benchmark's loss in its down periods, the share the strategy absorbed (under 100% = protective, negative = the strategy gained while the benchmark fell).

Portfolio value: strategy vs. buy & hold

⬇ Equity CSV

Price & trades

Trade log (147)

⬇ Trades CSV
# WhenActionPriceShares Amount Shares held Cash bal. Portfolio
1 2023-05-30T00:00 INITIAL 177.3000 39.4811 7,000.00 39.4811 3,000.00 10,000.00
2 2023-07-10T00:00 BUY 188.6100 1.9882 375.00 41.4693 2,625.00 10,446.53
3 2023-07-17T00:00 SELL 193.9900 1.9882 385.70 39.4811 3,010.70 10,669.64
4 2023-08-03T00:00 BUY 191.1700 1.9616 375.00 41.4427 2,635.70 10,558.30
5 2023-08-04T00:00 BUY 181.9900 2.0606 375.00 43.5033 2,260.70 10,177.86
6 2023-08-09T00:00 BUY 178.1900 2.1045 375.00 45.6078 1,885.70 10,012.54
7 2023-08-17T00:00 BUY 174.0000 2.1552 375.00 47.7629 1,510.70 9,821.45
8 2023-08-23T00:00 SELL 181.1200 2.1552 390.34 45.6078 1,901.04 10,161.52
9 2023-08-24T00:00 BUY 176.3800 2.1261 375.00 47.7338 1,526.04 9,945.34
10 2023-08-28T00:00 SELL 180.1900 2.1261 383.10 45.6078 1,909.14 10,127.20
11 2023-08-29T00:00 SELL 184.1200 2.1045 387.48 43.5033 2,296.62 10,306.44
12 2023-08-30T00:00 SELL 187.6500 2.0606 386.66 41.4427 2,683.28 10,460.01
13 2023-09-06T00:00 BUY 182.9100 2.0502 375.00 43.4929 2,308.28 10,263.57
14 2023-09-07T00:00 BUY 177.5600 2.1120 375.00 45.6049 1,933.28 10,030.88
15 2023-09-21T00:00 BUY 173.9300 2.1560 375.00 47.7609 1,558.28 9,865.34
16 2023-09-27T00:00 BUY 170.4300 2.2003 375.00 49.9612 1,183.28 9,698.17
17 2023-10-05T00:00 SELL 174.9100 2.2003 384.86 47.7609 1,568.14 9,922.00
18 2023-10-06T00:00 SELL 177.4900 2.1560 382.68 45.6049 1,950.82 10,045.22
19 2023-10-20T00:00 BUY 172.8800 2.1691 375.00 47.7740 1,575.82 9,834.99
20 2023-10-26T00:00 BUY 166.8900 2.2470 375.00 50.0210 1,200.82 9,548.82
21 2023-10-30T00:00 SELL 170.2900 2.2470 382.64 47.7740 1,583.46 9,718.89
22 2023-11-02T00:00 SELL 177.5700 2.1691 385.17 45.6049 1,968.63 10,066.69
23 2023-11-07T00:00 SELL 181.8200 2.1120 384.00 43.4929 2,352.63 10,260.51
24 2023-11-14T00:00 SELL 187.4400 2.0502 384.29 41.4427 2,736.91 10,504.94
25 2023-12-08T00:00 SELL 195.7100 1.9616 383.91 39.4811 3,120.82 10,847.67
26 2023-12-22T00:00 BUY 193.6000 1.9370 375.00 41.4181 2,745.82 10,764.36
27 2024-01-02T00:00 BUY 185.6400 2.0200 375.00 43.4381 2,370.82 10,434.67
28 2024-01-04T00:00 BUY 181.9100 2.0615 375.00 45.4996 1,995.82 10,272.65
29 2024-01-08T00:00 SELL 185.5600 2.0615 382.52 43.4381 2,378.34 10,438.72
30 2024-01-19T00:00 SELL 191.5600 2.0200 386.96 41.4181 2,765.30 10,699.35
31 2024-01-31T00:00 BUY 184.4000 2.0336 375.00 43.4517 2,390.30 10,402.80
32 2024-02-06T00:00 SELL 189.3000 2.0336 384.96 41.4181 2,775.27 10,615.71
33 2024-02-13T00:00 BUY 185.0400 2.0266 375.00 43.4447 2,400.27 10,439.27
34 2024-02-26T00:00 BUY 181.1600 2.0700 375.00 45.5147 2,025.27 10,270.71
35 2024-03-04T00:00 BUY 175.1000 2.1416 375.00 47.6563 1,650.27 9,994.89
36 2024-03-05T00:00 BUY 170.1200 2.2043 375.00 49.8606 1,275.27 9,757.56
37 2024-03-18T00:00 SELL 173.7200 2.2043 382.94 47.6563 1,658.20 9,937.06
38 2024-03-20T00:00 SELL 178.6700 2.1416 382.65 45.5147 2,040.85 10,172.96
39 2024-03-21T00:00 BUY 171.3700 2.1882 375.00 47.7029 1,665.85 9,840.70
40 2024-04-10T00:00 BUY 167.7800 2.2351 375.00 49.9380 1,290.85 9,669.44
41 2024-04-11T00:00 SELL 175.0400 2.2351 391.23 47.7029 1,682.08 10,031.99
42 2024-04-12T00:00 SELL 176.5500 2.1882 386.34 45.5147 2,068.41 10,104.03
43 2024-04-15T00:00 BUY 172.6900 2.1715 375.00 47.6862 1,693.41 9,928.34
44 2024-04-17T00:00 BUY 168.0000 2.2321 375.00 49.9183 1,318.41 9,704.69
45 2024-04-29T00:00 SELL 173.5000 2.2321 387.28 47.6862 1,705.69 9,979.24
46 2024-05-01T00:00 BUY 169.3000 2.2150 375.00 49.9012 1,330.69 9,778.96
47 2024-05-02T00:00 SELL 173.0300 2.2150 383.26 47.6862 1,713.95 9,965.09
48 2024-05-03T00:00 SELL 183.3800 2.1715 398.21 45.5147 2,112.16 10,458.64
49 2024-05-13T00:00 SELL 186.2800 2.0700 385.60 43.4447 2,497.76 10,590.64
50 2024-05-15T00:00 SELL 189.7200 2.0266 384.48 41.4181 2,882.25 10,740.09
51 2024-06-11T00:00 SELL 207.1500 1.9370 401.25 39.4811 3,283.49 11,462.00
52 2024-06-20T00:00 BUY 209.6800 1.7884 375.00 41.2695 2,908.49 11,561.89
53 2024-06-27T00:00 SELL 214.1000 1.7884 382.90 39.4811 3,291.40 11,744.30
54 2024-07-11T00:00 BUY 227.5700 1.6478 375.00 41.1290 2,916.40 12,276.11
55 2024-07-15T00:00 SELL 234.4000 1.6478 386.25 39.4811 3,302.65 12,557.02
56 2024-07-17T00:00 BUY 228.8800 1.6384 375.00 41.1195 2,927.65 12,339.09
57 2024-07-18T00:00 BUY 224.1800 1.6728 375.00 42.7923 2,552.65 12,145.83
58 2024-07-24T00:00 BUY 218.5400 1.7159 375.00 44.5082 2,177.65 11,904.48
59 2024-08-05T00:00 BUY 209.2700 1.7919 375.00 46.3002 1,802.65 11,491.89
60 2024-08-09T00:00 SELL 216.2400 1.7919 387.49 44.5082 2,190.14 11,814.60
61 2024-08-15T00:00 SELL 224.7200 1.7159 385.60 42.7923 2,575.75 12,192.03
62 2024-08-29T00:00 SELL 229.7900 1.6728 384.38 41.1195 2,960.13 12,408.98
63 2024-09-03T00:00 BUY 222.7700 1.6834 375.00 42.8029 2,585.13 12,120.33
64 2024-09-16T00:00 BUY 216.3200 1.7335 375.00 44.5364 2,210.13 11,844.25
65 2024-09-18T00:00 SELL 220.6900 1.7335 382.58 42.8029 2,592.71 12,038.87
66 2024-09-19T00:00 SELL 228.8700 1.6834 385.27 41.1195 2,977.97 12,389.00
67 2024-10-07T00:00 BUY 221.6900 1.6916 375.00 42.8111 2,602.97 12,093.76
68 2024-10-09T00:00 SELL 229.5400 1.6916 388.28 41.1195 2,991.25 12,429.83
69 2024-10-15T00:00 SELL 233.8500 1.6384 383.14 39.4811 3,374.40 12,607.05
70 2024-10-23T00:00 BUY 230.7600 1.6251 375.00 41.1062 2,999.40 12,485.06
71 2024-10-31T00:00 BUY 225.9100 1.6600 375.00 42.7661 2,624.40 12,285.69
72 2024-11-25T00:00 SELL 232.8700 1.6600 386.55 41.1062 3,010.95 12,583.34
73 2024-11-29T00:00 SELL 237.3300 1.6251 385.68 39.4811 3,396.63 12,766.68
74 2024-12-18T00:00 BUY 248.0500 1.5118 375.00 40.9929 3,021.63 13,189.91
75 2024-12-20T00:00 SELL 254.4900 1.5118 384.74 39.4811 3,406.36 13,453.91
76 2024-12-30T00:00 BUY 252.2000 1.4869 375.00 40.9680 3,031.36 13,363.50
77 2025-01-02T00:00 BUY 243.8500 1.5378 375.00 42.5059 2,656.36 13,021.41
78 2025-01-10T00:00 BUY 236.8500 1.5833 375.00 44.0891 2,281.36 12,723.87
79 2025-01-16T00:00 BUY 228.2600 1.6429 375.00 45.7320 1,906.36 12,345.15
80 2025-01-21T00:00 BUY 222.6400 1.6843 375.00 47.4163 1,531.36 12,088.13
81 2025-01-27T00:00 SELL 229.8600 1.6843 387.16 45.7320 1,918.52 12,430.48
82 2025-01-28T00:00 SELL 238.2600 1.6429 391.43 44.0891 2,309.95 12,814.63
83 2025-02-03T00:00 BUY 228.0100 1.6447 375.00 45.7338 1,934.95 12,362.71
84 2025-02-04T00:00 SELL 232.8000 1.6447 382.88 44.0891 2,317.83 12,581.78
85 2025-02-07T00:00 BUY 227.6300 1.6474 375.00 45.7365 1,942.83 12,353.84
86 2025-02-11T00:00 SELL 232.6200 1.6474 383.22 44.0891 2,326.05 12,582.06
87 2025-02-14T00:00 SELL 244.6000 1.5833 387.27 42.5059 2,713.32 13,110.25
88 2025-02-27T00:00 BUY 237.3000 1.5803 375.00 44.0861 2,338.32 12,799.96
89 2025-03-10T00:00 BUY 227.4800 1.6485 375.00 45.7346 1,963.32 12,367.03
90 2025-03-11T00:00 BUY 220.8400 1.6981 375.00 47.4327 1,588.32 12,063.36
91 2025-03-13T00:00 BUY 209.6800 1.7884 375.00 49.2211 1,213.32 11,534.01
92 2025-03-17T00:00 SELL 214.0000 1.7884 382.73 47.4327 1,596.05 11,746.64
93 2025-04-03T00:00 BUY 203.1900 1.8456 375.00 49.2783 1,221.05 11,233.89
94 2025-04-04T00:00 BUY 188.3800 1.9907 375.00 51.2689 846.05 10,504.08
95 2025-04-07T00:00 BUY 181.4600 2.0666 375.00 53.3355 471.05 10,149.30
96 2025-04-08T00:00 BUY 172.4200 2.1749 375.00 55.5104 96.05 9,667.15
97 2025-04-09T00:00 SELL 198.8500 2.1749 432.48 53.3355 528.53 11,134.29
98 2025-04-10T00:00 BUY 190.4200 1.9693 375.00 55.3048 153.53 10,684.67
99 2025-04-11T00:00 SELL 198.1500 1.9693 390.22 53.3355 543.75 11,112.18
100 2025-04-14T00:00 SELL 202.5200 2.0666 418.52 51.2689 962.27 11,345.25
101 2025-04-15T00:00 SELL 202.1400 1.9907 402.39 49.2783 1,364.67 11,325.77
102 2025-04-16T00:00 BUY 194.2700 1.9303 375.00 51.2086 989.67 10,937.95
103 2025-04-22T00:00 SELL 199.7400 1.9303 385.56 49.2783 1,375.22 11,218.06
104 2025-04-24T00:00 SELL 208.3700 1.8456 384.56 47.4327 1,759.78 11,643.33
105 2025-05-05T00:00 BUY 198.8900 1.8855 375.00 49.3182 1,384.78 11,193.67
106 2025-05-12T00:00 SELL 210.7900 1.8855 397.44 47.4327 1,782.22 11,780.56
107 2025-05-21T00:00 BUY 202.0900 1.8556 375.00 49.2883 1,407.22 11,367.89
108 2025-05-23T00:00 BUY 195.2700 1.9204 375.00 51.2087 1,032.22 11,031.75
109 2025-05-27T00:00 SELL 200.2100 1.9204 384.49 49.2883 1,416.71 11,284.72
110 2025-06-17T00:00 BUY 195.6400 1.9168 375.00 51.2051 1,041.71 11,059.47
111 2025-06-20T00:00 SELL 201.0000 1.9168 385.27 49.2883 1,426.98 11,333.93
112 2025-07-01T00:00 SELL 207.8200 1.8556 385.63 47.4327 1,812.62 11,670.08
113 2025-08-01T00:00 BUY 202.3800 1.8529 375.00 49.2856 1,437.62 11,412.04
114 2025-08-06T00:00 SELL 213.2500 1.8529 395.14 47.4327 1,832.76 11,947.78
115 2025-08-08T00:00 SELL 229.3500 1.6981 389.45 45.7346 2,222.21 12,711.44
116 2025-08-13T00:00 SELL 233.3300 1.6485 384.64 44.0861 2,606.85 12,893.47
117 2025-08-20T00:00 BUY 226.0100 1.6592 375.00 45.7453 2,231.85 12,570.76
118 2025-08-28T00:00 SELL 232.5600 1.6592 385.87 44.0861 2,617.72 12,870.39
119 2025-09-10T00:00 BUY 226.7900 1.6535 375.00 45.7396 2,242.72 12,616.01
120 2025-09-12T00:00 SELL 234.0700 1.6535 387.04 44.0861 2,629.76 12,949.00
121 2025-09-19T00:00 SELL 245.5000 1.5803 387.96 42.5059 3,017.71 13,452.90
122 2025-09-22T00:00 SELL 256.0800 1.5378 393.81 40.9680 3,411.52 13,902.61
123 2025-10-03T00:00 SELL 258.0200 1.4869 383.65 39.4811 3,795.18 13,982.09
124 2025-10-10T00:00 BUY 245.2700 1.5289 375.00 41.0100 3,420.18 13,478.71
125 2025-10-17T00:00 SELL 252.2900 1.5289 385.73 39.4811 3,805.91 13,766.60
126 2025-11-17T00:00 BUY 267.4600 1.4021 375.00 40.8832 3,430.91 14,365.53
127 2025-11-24T00:00 SELL 275.9200 1.4021 386.86 39.4811 3,817.77 14,711.40
128 2025-12-05T00:00 BUY 278.7800 1.3451 375.00 40.8263 3,442.77 14,824.31
129 2025-12-17T00:00 BUY 271.8400 1.3795 375.00 42.2057 3,067.77 14,540.98
130 2026-01-06T00:00 BUY 262.3600 1.4293 375.00 43.6351 2,692.77 14,140.87
131 2026-01-16T00:00 BUY 255.5300 1.4675 375.00 45.1026 2,317.77 13,842.84
132 2026-01-20T00:00 BUY 246.7000 1.5201 375.00 46.6227 1,942.77 13,444.59
133 2026-01-26T00:00 SELL 255.4100 1.5201 388.24 45.1026 2,331.01 13,850.67
134 2026-02-02T00:00 SELL 270.0100 1.4675 396.25 43.6351 2,727.26 14,509.17
135 2026-02-03T00:00 SELL 269.4800 1.4293 385.18 42.2057 3,112.44 14,486.04
136 2026-02-06T00:00 SELL 278.1200 1.3795 383.66 40.8263 3,496.10 14,850.70
137 2026-02-12T00:00 BUY 261.7300 1.4328 375.00 42.2590 3,121.10 14,181.56
138 2026-02-13T00:00 BUY 255.7800 1.4661 375.00 43.7251 2,746.10 13,930.11
139 2026-02-17T00:00 SELL 263.8800 1.4661 386.88 42.2590 3,132.98 14,284.29
140 2026-02-24T00:00 SELL 272.1400 1.4328 389.92 40.8263 3,522.89 14,633.35
141 2026-02-27T00:00 BUY 264.1800 1.4195 375.00 42.2457 3,147.89 14,308.37
142 2026-03-06T00:00 BUY 257.4600 1.4565 375.00 43.7023 2,772.89 14,024.48
143 2026-03-13T00:00 BUY 250.1200 1.4993 375.00 45.2016 2,397.89 13,703.70
144 2026-04-01T00:00 SELL 255.6300 1.4993 383.26 43.7023 2,781.15 13,952.76
145 2026-04-15T00:00 SELL 266.4300 1.4565 388.07 42.2457 3,169.22 14,424.75
146 2026-04-17T00:00 SELL 270.2300 1.4195 383.59 40.8263 3,552.81 14,585.28
147 2026-05-06T00:00 SELL 287.5100 1.3451 386.74 39.4811 3,939.55 15,290.76